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Under the Bankruptcy Reform Act, each person filing for bankruptcy must file a pre-bankruptcy consumer credit counseling certificate and a financial management course certificate.

Unfortunately, this new regulation has created an opportunity for individuals to defraud people seeking debt relief. If you are given a hard-sell to complete a financial management course through a particular agency, contact a Missouri bankruptcy attorney at (417) 4NO-DEBT immediately. We will take the time to explain what your obligation really is, how the timing is important, and how we can help you obtain financial relief.

The timing of consumer credit counseling is crucial! Do not enroll in a seminar without consulting a bankruptcy attorney.

You should not feel pressured to enroll in consumer credit counseling before you have talked to an attorney. Unscrupulous companies prey on your insecurities in an effort to make money without regard to what is best for you, your credit score, or your bankruptcy filing options. They may charge large fees to obtain your credit report, some even promise debt relief, and in the end you get very little of value.

A pre-bankruptcy consumer credit counseling certificate is only good for six months from its issuance.

We encourage you to contact our bankruptcy attorneys before you obtain your consumer credit counseling certificate. When you discuss your matter with us, we may find that it is in your best interest to file for bankruptcy at another time. Because your certificate could be expired at that later time, the money you spent to obtain it would be wasted. If you have a question about consumer credit counseling in Missouri, call (417) 4NO-DEBT or contact us for an initial consultation.

Click here to view the U.S. Trustee Program’s List of Approved Credit Counseling Agencies.

The only company that we recommend without reservation is MyHorizon.

Living with unmanageable and overwhelming debt is stressful.

If your financial hardships have resulted in missed mortgage payments, you may risk losing your home to foreclosure. Your home has turned from a place of comfort and relaxation into another reminder of your unpaid debt. At the Bankruptcy Clinic, we help homeowners save their homes from foreclosure.

Have you received a notice of default? Help is available.

Call the Bankruptcy Clinic at (417) 4NO-DEBT to schedule a free, initial consultation with our attorneys. If you are interested in avoiding foreclosure, Chapter 13 bankruptcy may be the answer. “Fresh start” or Chapter 7 bankruptcy will not save your home. But depending on your income and debts, filing under Chapter 13 may allow you to discharge some debt, arrange a three to five year payment plan, and avoid foreclosure on your home. We realize how important home and stability is, especially for families.

Exploring Options for Avoiding Foreclosure

For some homeowners, loan modification is an option. In loan modifications, the foreclosure process is stopped, and the terms of the loan are adjusted to provide affordable payments. We understand the stress you are experiencing. With just one phone call, you could be on your way to avoiding foreclosure through Chapter 13. Call (417) 4NO-DEBT to arrange a free, initial consultation.

Are you struggling to make mortgage payments? Loan modification may be an option for you.

The U.S. Department of Housing and Urban Development (HUD), describes a loan modification (also called mortgage modification) as a permanent change in the terms of a home mortgage, resulting in payments the home owner can afford. For those not interested in or not qualified for bankruptcy, pursuing a loan modification may be a good option. However, if your efforts to modify your loan are unsuccessful, or you simply decide Chapter 13 bankruptcy would ease your mind and reduce your problems, contact our office. We offer a no-obligation, no-cost initial consultation.

Requirements for Loan Modification

Loan modification is not available once your house is in foreclosure, but can be used to avoid foreclosure without declaring bankruptcy. You must be able to show that you are in financial hardship, but will be able to afford the payments once the loan is restructured. You must have been paying the mortgage for a minimum of a year, with the intention that the house will continue to be your primary residence after the modification is complete, according to HUD.

While many people opt to explore loan modification right away, some people still qualify for this option even after they file bankruptcy. Chapter 13 bankruptcy restructures debt to help the borrower afford monthly payments on debt and relieve some of their financial burden. However, the interest on an ARM (Adjustable Rate Mortgage) can still make it difficult for a home owner to afford the loan. A loan modification can change the ARM to a fixed rate mortgage and make the payments more affordable.

Discuss Your Situation with an Experienced Attorney

The Bankruptcy Clinic strives to obtain financial freedom for our clients who are experiencing overwhelming debt. If you do not qualify for loan modification, or if your financial problems cannot be remedied by loan modification, contact us at our office in Springfield, Missouri, to discuss other debt relief options. While we do not help clients negotiate loan modifications, we can assist them in achieving overall debt relief.

Bankruptcy

• United States Bankruptcy Courts
• Missouri Western Bankruptcy Court
• Missouri Eastern Bankruptcy Court
• United States Trustee
• United States Trustee’s Office in Kansas City

Credit Reporting Agencies

• Experian
• Transunion
• Equifax
• Annual Credit Report (all 3)

Business and Finance

• Better Business Bureau
• Springfield Chamber of Commerce
• Credit Karma
• GreenPath Consumer Credit Counseling